As a seasoned researcher with years of experience in the cryptocurrency market, I must say that the current state of Chainlink (LINK) is quite intriguing. The recent rise in its price, coupled with SWIFT’s new initiative for tokenized asset transfers, presents an interesting opportunity.
Over the last five days, I’ve observed an uptrend in Chainlink’s price, occasionally encountering some resistance near the $10.60 mark. At present, the LINK price seems to be oscillating between a bearish and bullish trend. The direction the market will ultimately lean towards is largely influenced by trading volume and overall market sentiment.
Simultaneously, SWIFT revealed a worldwide system designed to streamline the transfer of tokenized assets. This development could potentially be positive news for Chainlink, given their collaborative efforts with SWIFT to integrate traditional financial data onto blockchains.
Can Chainlink Price Benefit From SWIFT RWA Play?
Swift, the global leader in secure financial communication, unveiled a fresh project aimed at simplifying the procedure for transferring tokenized assets. With this move, investors who are focused on security can now execute and swap tokenized assets instantly within the Swift network.
This new undertaking is geared towards the international exchange of tangible assets, with predictions suggesting that the market could reach a whopping $30 trillion in value by 2034, according to experts.
In simpler terms, Chainlink plays a significant role in the Real-World Assets (RWA) sector as its Cross-Chain Interoperability Protocol (CCIP) allows different blockchain ecosystems to communicate and interact with each other, facilitating connections across multiple on-chain environments.
— Chainlink (@chainlink) September 11, 2024
Moreover, Swift intends to trial multi-ledger Delivery-vs-Payment (DvP) and Payment-vs-Payment (PvP) transactions across its worldwide network. Notably, this service is something that Chainlink has already been providing through its CCIP.
All Chainlink services are paid for using LINK tokens, which must be purchased on the open market. An increase in demand for Chainlink’s array of services could lead to a surge in the price of LINK, well above $12.
LINK Social Dominance Experiences a Spike
In the previous 24 hours, the influence of Chainlink on social media platforms has grown significantly, with conversations about ‘LINK‘ reaching their highest level this year, according to Sentiment analysis.
Simultaneously, there was a decrease of 1,867 Chainlink wallets holding a balance over the past month.
If these measurements are blended together, it could indicate a positive outlook (bullish) for Chainlink’s price, assuming the market remains steady over the next week.
It’s not unexpected that there’s been an increase in conversations about Chainlink, considering the latest Swift news. Typically, when this measure rises, the price follows closely, particularly if the discourse is optimistic.
LINK price has increased by 2.6% in the last 24 hours and is trading at $10.60.
LINK Price Analysis: $15 In Sight If This Barrier Breaks
At present, Chainlink’s price is experiencing a downward trend, but it has recently demonstrated a temporary upturn following a bounce from the $9.00 support level. It is now heading towards a possible resistance zone approximately at $11.25, where it is currently testing the 50 EMA as potential resistance.
The price of LINK appears to have substantial backing at approximately $9.00, a level tested on numerous occasions and proven resilient. However, as it ascends, there might be resistance encountered around $11.25. Beyond that point, potential resistance lies roughly at $13.37, which aligns with a descending trendline and the 200 Exponential Moving Average (EMA).
The graph for Chainlink suggests it might be forming a double bottom reversal pattern, where the support level is approximately $12.00. If there’s sufficient trading activity, the price may rise above this level and potentially reach a projected high of about $15.00.
If Chainlink’s price doesn’t rise beyond $11.25, it could undermine the current suggested reversal pattern (double-bottom). There’s a possibility that LINK‘s price might fall below its $9.00 support level and create fresh lows for the year, dipping below $8.00.
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2024-09-12 09:26